Mercury Systems manufactures specialized, ruggedized electronics for the defense and aerospace industries. The company develops hardware components, modules, and integrated subsystems that process real-time data for military platforms including fighter jets, radar systems, missiles, and unmanned aerial vehicles. Mercury designs hardware to operate under extreme conditions while meeting strict size, weight, and power constraints. The company sells primarily to U.S. defense prime contractors, such as RTX, Lockheed Martin, and Northrop Grumman, who integrate Mercury technology into larger platforms. Mercury organizes its offerings into three levels: basic components, multi-component modules, and full subsystems. A core product line is the Common Processing Architecture, a modular computing platform with embedded cybersecurity. Mercury’s business model relies on a two-phase program lifecycle. During the development phase, the company engineers custom solutions under lower-margin contracts. As programs mature, Mercury transitions to the production phase, capturing recurring orders at higher margins. The company’s strategy focuses on transitioning its program portfolio from development to high-rate production to drive margin expansion. Mercury also benefits from the trend of prime contractors outsourcing subsystem development to specialists. The company operates through four units: Signal Technologies, Processing Technologies, Integrated Processing Solutions, and EMEA.